Millennials Are Running Out of Time to Build Wealth #brokebois

[para bellum]

Waaaaaaaay too many people spending $700 on tennis shoes and the newest iphone every year but live in their moms basement. Everybody wants to be out and about and just spending money wildly/freely, instead of stacking.

life is hard, I get it. But why make it harder by being dumb with your money

Seeing it first hand is crazier. Remember my coworker going to a store to exchange some Balenciaga sneakers that didn't fit. Cashier processed a full return instead of just exchanging for a different sneaker size, so that means it would take a couple days to go back to his debit card. He didn't have enough to just buy the size he wanted for $750 sneakers

 

[blastercombo]

I was just citing it as an example of yet another way of making money that was not available in the past. You don't even have to be good to get a following and make money, you just have be entertaining.

If it’s SO easy why isn’t it SO easy?

 

[mr jordan04]

Seeing it first hand is crazier. Remember my coworker going to a store to exchange some Balenciaga sneakers that didn't fit. Cashier processed a full return instead of just exchanging for a different sneaker size, so that means it would take a couple days to go back to his debit card. He didn't have enough to just buy the size he wanted for $750 sneakers

my point exactly
But I don’t think that’s a millennial issue, that’s an American issue. But millennials/new generation will do anything to stunt for social, regardless of how much it costs
Dudes doing PPP scams to cop lambos and ferraris

 

[moderndarwin]

There is a good level of hopelessness that people have. The large goals of wealth and home ownership are so abstract that they focus on immediate gratification. Instead of college people should be attending weekly reminder classes o how to save money. But let’s be real some of us benefit because other people are sheep. Without that sort of spending the stock market would crash and the rest of us that have been doing the “right” thing would get crushed. Lot of lose lose scenarios because we as a country don’t believe in the middle class.

 

[DCAllAfrican]

I was just citing it as an example of yet another way of making money that was not available in the past. You don't even have to be good to get a following and make money, you just have be entertaining.

I hear you but there are SO many "50 subscriber" channels out there man. It is really rare to "make it" in that world. It is so much competition and the amount of content overload prevents it from being an easy come-up.

 

[slaughterx]

Never said it was easy... but it certainly is possible

 

[nike air go lwp]

He’s getting his intern hours out of the way since the old man is loose with it. It’s the only thing keeping him there because other firms don’t let you write off as many so easily.

Then he isn’t an “ARCHITECT” yet...he has plenty of years ahead.

 

[fluid hips]

But let’s be real some of us benefit because other people are sheep.

Play the game. Don't let the game play you

 

[super38]

Watched this video last month. We might have light in the horizon as baby boomers die off and wealth is transferred.

 

[TURBO UNO]

Then he isn’t an “ARCHITECT” yet...he has plenty of years ahead.

I think they call it junior architect. He’s filled in plenty of hours has done a ton of work, much more than many of his classmates. His plan is to open up his own firm once his hours are finished and takes his exam for the license. The pandemic put a hold on his projects but things should start picking up soon.

 

[blastercombo]

Wild as hell when you seriously think about it man.

What’s wild is that people (natives) were living on the land, were killed, or were put into “reservations” aka concentration camps.


then you have old white people now taking about how hard it is to inherit land

“This generation is lazy from what I’ve seen” as if that’s a factual generalizable statement lol

 

[hennessy]

Waaaaaaaay too many people spending $700 on tennis shoes and the newest iphone every year but live in their moms basement. Everybody wants to be out and about and just spending money wildly/freely, instead of stacking.

life is hard, I get it. But why make it harder by being dumb with your money

This is basically what I meant by people choose to be broke. And the backlash my post got was what I expected

Still, people will focus and compare themselves to what they see from their peers and on social media. Try to keep up and wonder why they’re still broke. And this doesn’t apply to just sneakers, clothes, cars, fancy meals. It applies to people who get married and have big weddings, buy homes, have kids/start families, and make other major life decisions before they have solid financial footing.

Everyone wants the fruits but few are willing to lay down the roots. Determine where YOU want to be 5 years from now. Write down the steps YOU will take to get there. And don’t worry about how everyone else is doing. You are slowly getting closer to your goal that is the only motivation YOU need.

And yeah my friends are doing well and most own homes, married with kids, good stable jobs. Good for them. I don’t own a home yet because it’s not part of my plan. Don’t have kids yet either. They may be living the “American Dream” but I’m living my own. I get a lot of pressure to buy a house or start a family from my friends and family but that doesn’t fit into my plan right now. Doesn’t mean I don’t want those things someday but I’m getting there at my own pace. I don’t need the instant gratification that plagues this generation. Because I know, with patience and proper planning I can achieve the realistic (not lofty) goals I’ve set for MYSELF.

I was broke all of my 20s. I too used to look at others and wonder why I didn’t have the same things. I used to love these types of articles because they made me feel better about where I was at when I felt subpar. There came a point where I made a plan to change that. Now I see how dumb these articles are. Misery loves company and that’s why these articles herd the sheep together to pout. But sure, I’m out of touch and a clown.

 

[blastercombo]

Materialism isn’t new but I’ll admit in today’s world it has consumed almost everyone. That isn’t dependent on age though.

 

[cosmiccoffee9]

Watched this video last month. We might have light in the horizon as baby boomers die off and wealth is transferred.

"millenials might finally get some cash when their parents die" is a funny kind of light.


also, folks get 2 nickels to rub together and think they won life, like 2020 didn't happen.

wild.

 

[Air Champa]

You can do all the right things and still end up broke and struggling. Uninsured medical bills (or insured if your insurance company is trash), divorces, economy tanks, health goes south, your profession isn't in demand like it once was, etc. They way some of these banks and Wall Street are outbidding regular folks for homes right now is crazy. Gonna have to be a millionaire just to own something in the future.

But sure, if only you didn't buy those Off Whites or Unions. Not saying people shouldn't be more responsible with their money, but acting like it's the main issue with why things are the way they are is nonsense.

The average median income for a single person in American is just a little under $36,000. There's not a lot of saving to be done when you're only making that much money. Now, if we were talking about people who make big money and blow it all, then I agree. Those people are likely idiots.

 

[Air Champa]

"millenials might finally get some cash when their parents die" is a funny kind of light.

I knew this song had deep meaning.

 

[1995]

You can do all the right things and still end up broke and struggling. Uninsured medical bills (or insured if your insurance company is trash), divorces, economy tanks, health goes south, your profession isn't in demand like it once was, etc. They way some of these banks and Wall Street are outbidding regular folks for homes right now is crazy. Gonna have to be a millionaire just to own something in the future.

Just write down the steps you need to take to succeed and none of this will affect you

 

[Comparison Ford]

This is basically what I meant by people choose to be broke. And the backlash my post got was what I expected

Still, people will focus and compare themselves to what they see from their peers and on social media. Try to keep up and wonder why they’re still broke. And this doesn’t apply to just sneakers, clothes, cars, fancy meals. It applies to people who get married and have big weddings, buy homes, have kids/start families, and make other major life decisions before they have solid financial footing.

Everyone wants the fruits but few are willing to lay down the roots. Determine where YOU want to be 5 years from now. Write down the steps YOU will take to get there. And don’t worry about how everyone else is doing. You are slowly getting closer to your goal that is the only motivation YOU need.

And yeah my friends are doing well and most own homes, married with kids, good stable jobs. Good for them. I don’t own a home yet because it’s not part of my plan. Don’t have kids yet either. They may be living the “American Dream” but I’m living my own. I get a lot of pressure to buy a house or start a family from my friends and family but that doesn’t fit into my plan right now. Doesn’t mean I don’t want those things someday but I’m getting there at my own pace. I don’t need the instant gratification that plagues this generation. Because I know, with patience and proper planning I can achieve the realistic (not lofty) goals I’ve set for MYSELF.

I was broke all of my 20s. I too used to look at others and wonder why I didn’t have the same things. I used to love these types of articles because they made me feel better about where I was at when I felt subpar. There came a point where I made a plan to change that. Now I see how dumb these articles are. Misery loves company and that’s why these articles herd the sheep together to pout. But sure, I’m out of touch and a clown.

Remind us all about how you make your money again.

 

[RustyShackleford]

Soon as I read this article yesterday I thought to myself that if this **** got posted on NT that there would be folk that ignores the macroeconomic problems the article brings up and start peddling some person responsibility politics instead.

And I see I was not disappointed.

 

[superblytrife]

This is basically what I meant by people choose to be broke. And the backlash my post got was what I expected

Still, people will focus and compare themselves to what they see from their peers and on social media. Try to keep up and wonder why they’re still broke. And this doesn’t apply to just sneakers, clothes, cars, fancy meals. It applies to people who get married and have big weddings, buy homes, have kids/start families, and make other major life decisions before they have solid financial footing.

Everyone wants the fruits but few are willing to lay down the roots. Determine where YOU want to be 5 years from now. Write down the steps YOU will take to get there. And don’t worry about how everyone else is doing. You are slowly getting closer to your goal that is the only motivation YOU need.

And yeah my friends are doing well and most own homes, married with kids, good stable jobs. Good for them. I don’t own a home yet because it’s not part of my plan. Don’t have kids yet either. They may be living the “American Dream” but I’m living my own. I get a lot of pressure to buy a house or start a family from my friends and family but that doesn’t fit into my plan right now. Doesn’t mean I don’t want those things someday but I’m getting there at my own pace. I don’t need the instant gratification that plagues this generation. Because I know, with patience and proper planning I can achieve the realistic (not lofty) goals I’ve set for MYSELF.

I was broke all of my 20s. I too used to look at others and wonder why I didn’t have the same things. I used to love these types of articles because they made me feel better about where I was at when I felt subpar. There came a point where I made a plan to change that. Now I see how dumb these articles are. Misery loves company and that’s why these articles herd the sheep together to pout. But sure, I’m out of touch and a clown.

This reads like some **** an IG influencer would say, which is pretty ironic. Yeah, you’re a little bit out of touch with the realities a lot of folks face in America. If only it was as simple as pulling yourself up by your own bootstraps.

 

[hennessy]

This reads like some **** an IG influencer would say, which is pretty ironic. Yeah, you’re a little bit out of touch with the realities a lot of folks face in America. If only it was as simple as pulling yourself up by your own bootstraps.

What’s the reality then? Lmk since I’m out of touch.

And yeah you can make a plan and take small steps to work towards whatever your goals are for a better future. Some people would rather just float through life without any goals or direction and wonder why they are in the same place doing the same things still.

If you’re in this thread complaining about the generation before us had it better and it isn’t fair today...well maybe you should accept that reality and work with what you have. Everyone has to start somewhere. Not everyone’s dealt a fair hand but what can you do to better your situation is what you should concern yourself with. Why waste time worrying about the generation before you and what your peers do. It’s your life to live.

 

[Comparison Ford]

What’s the reality then? Lmk since I’m out of touch.

A lot of people don’t have the option to grow weed for a living, for starters.

 

[hennessy]

A lot of people don’t have the option to grow weed for a living, for starters.

Why are you comparing what a lot people do to what I do? I didn’t even mention my profession in this thread. Once again you’re more concerned with what I have going on then what I did to get here.

Yeah. Like that opportunity was just laid on a plate in front of me “The option”

There is a plethora of resources and opportunities in the industry now. Way more than when I started. I’d be happy to share my resources with anyone on NT who wants to get in the industry. PM always open.

 

[Comparison Ford]

Why are you comparing what a lot people do to what I do? I didn’t even mention my profession in this thread. Once again you’re more concerned with what I have going on then what I did to get here.

Yeah. Like that opportunity was just laid on a plate in front of me “The option”

There is a plethora of resources and opportunities in the industry now. Way more than when I started. I’d be happy to share my resources with anyone on NT who wants to get in the industry. PM always open.

Your industry doesn’t exist legally in a lot of places in America, and the demographics of who is involved in the industry is overwhelmingly one specific race. That’s what I’m getting at.

 

[RustyShackleford]

If the article was strictly about people's decision-making, or poor choices I would be more open to the personal responsibility politics

But look at some of the points being raised in the article...

The oldest U.S. millennials — born in 1981 — turn 40 this year. Older members of the generation — mocked recently as “geriatric millennials” — came of age during a long stretch of prosperity in the 1990s, the second-longest period of expansion in U.S. history. Unemployment was steadily falling. If millennials remember a recession at all from their childhood, it might be a brief one in 1990 in which the economy contracted less than 2%.

But since entering adulthood, they’ve been hit with major recessions at critical stages in their financial development: They were 27 years old when Lehman Bros. went bankrupt, and the Great Recession dug in when they should have been establishing themselves in the workforce. “The Great Recession knocked everyone for a loop,” said William Gale, senior fellow in the Economic Studies Program at the Brookings Institution. “It caused unemployment. It caused slow wage growth. It made it harder to accumulate wealth.”

Then, as millennials hit the point in their careers where people traditionally move into higher-paying managerial roles, the pandemic hit. In 2020, the U.S. economy contracted 3.5%; When the oldest Baby Boomers turned 40 in 1986, the U.S. economy expanded at a 3.5% rate. Now the U.S. economy is humming again, with sectors like retail sales and manufacturing stronger than they were before the pandemic. Stocks are at record highs, and wealth is swelling — especially for the wealthiest Americans. It remains to be seen whether jobs and wages will catch up.

Some of the differences in wealth among the generations can be attributed to student debt. More millennials borrow to pay for college than previous generations, and the loans are bigger. Millennials, who started college in 1999, paid an average of $15,604 per year for undergraduate tuition, fees and room and board. When Gen Xers and Baby Boomers started college, that number — adjusted for inflation — was about $10,300 for each of them.

Going to college was more important for today’s 40-year-olds. Millennials with bachelor’s degrees or higher earn 113% more than what they would have earned with only a high-school diploma. But college-educated Baby Boomers made only 57% more than their peers with high school degrees. “That’s one of the stark evolutions of the job market, where education has become a greater predictor of success,” said Lowell Rickets, data scientist for the Institute for Economic Equity at the Federal Reserve Bank of St. Louis.

Some economists predicted millennials would avoid buying homes after the 2008 housing market crash. They haven’t, but their homeownership rates are lower than previous generations at the same point in their lives: 61% for older millennials, 68% for middle-age Gen Xers and 66% for middle-age Boomers.

“The basic way that middle American households build wealth is through their homes,” said Richard Fry, a senior researcher at Pew Research Center. “Millennials have been less likely to be homeowners. Fewer of them have begun the process of building home equity.”

One culprit could be housing prices, which have increased — especially compared with earnings. Millennials are paying a median of $328,000 on homes. Baby boomers only had to spend $216,000 — adjusted for inflation — in 1989. Wages, on the other hand, have only risen 20%.

In 2020, 18% of millennial renters said they planned to rent forever, up for the third consecutive year, according to a report from Apartment List. Among millennials who do plan to buy a home, 63% have no money saved for a down payment, the report said.

The share of millennials living with their parents is also significantly higher than in previous generations. “Conceptually, that could help their wealth accumulation because they’d be paying less for rent and they could save more,” said Gale of Brookings, a co-author of the NBER working paper. “But in practical terms of what happens is it’s an indicator of lack of economic status.”

Because the life expectancy of the American population is on the rise, millennials also receive family inheritances — if available to them — later in life, which could account for why people turning 40 today have lower net worth than generations prior.

By then, “it might be too late for them to take advantage of it and meet some of those mid-life goals that wealth really helps with achieving,” such as owning a home, investing in the stock market and paying down debt, Ricketts of the St. Louis Fed said

Economists are bringing up macroeconomic forces that are squeezing one generation, that didn't really hurt other generations in the same way.

But when articles like these come out instead some people want to complain about personal decision-making instead of the points raised in the articles. What the policy decisions that lead to a generation having to take on more student debt, or America's atrocious housing policies that have come to a head and priced tons of people out of the market, growing inequality, weak wage growth, and inadequate social safety net to deal with recessions.

Or the policies that could alleviate these issues like some form of student loan forgiveness or income-based repayment plans, land use reform, housing policy, a more progressive tax system, full employment monetary policy, baby bonds, and automatic economic stabilizers.

But nah b, let us act like broke boiz just wanna be broke boiz. Not everyone outchea moving like Ninja